Antimony Market Extensive Outlook 2022: Current size, Shares, Scope, Profits and Prominent Players All Over The Globe|
The global antimony market size was USD 0.88 billion in 2020. The market is expected to grow from USD 0.94 billion in 2022 to USD 1.4 billion in 2029, exhibiting a CAGR of 6.5% during the forecast period. Significant demand for the element from chemical manufacturing and the rising industrial demand may foster the market’s growth. Fortune Business Insights™ presents this information in its report titled “Antimony Market, 2022-2029.”
Antimony (Sb) is a silver-grey chemical element with a glossy and silky surface. It is an extremely rare element in the earth’s crust. It is used to harden lead alloys in pyrotechnics, semiconductor technology, sheet and pipe, collapsible tubes and foil, solder, bearing metal, type metal, storage cables and batteries, and solder. The rising demand for the chemical from the chemical manufacturing sector may foster the industry’s growth. Furthermore, the rising industrial demand for high-quality chemicals may foster its sales. These factors may propel industry growth during the upcoming years.
Strict Government Regulations and Labor Unavailability to Fuel Industry Growth
This market is expected to be affected negatively during the COVID-19 pandemic because of strict government regulations and labor unavailability. The sudden spike in COVID cases leads to the imposition of strict government regulations. Furthermore, labor unavailability is expected to hinder manufacturing activities. However, the recommencement of activities and the adoption of reduced labor, part-time shifts, automated production machinery may enable companies to recover costs. These factors may propel the market development during the pandemic.
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By application, the market is segmented into flame retardants, chemicals & alloys, lead-acid batteries, ceramics & glass, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
- Growing demand for chemical products: The chemical industry is driven by the demand for its products from a wide range of sectors, including agriculture, construction, healthcare, and consumer goods.
- Technological advancements: Advancements in technology, such as automation, digitalization, and the use of renewable raw materials, are driving innovation and growth in the chemical industry.
- Economic growth: The chemical industry is closely tied to economic growth, as rising incomes and consumer spending boost demand for chemical products.
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Presence of a Huge Production Base to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the antimony market share because of the presence of a huge production base. The market in Asia Pacific stood at USD 0.6 billion in 2021 and is expected to gain a huge market share in the upcoming years. Furthermore, the presence of a huge reserve in China may facilitate the adoption of the element. These factors may propel industry development.
In Europe, substantial production of antimony oxide may boost the adoption of the chemical. Furthermore, robust demand for lead-acid batteries may fuel the adoption of the chemical. These factors may propel industry progress.
In North America, the rising demand for flame retardants is expected to boost the adoption of flame retardants. Further, strong demand from the electronics sector may foster the market’s progress.
Manufacturers Devise Expansion Strategies to Boost Market Presence Globally
Prominent companies operating in the market devise expansion strategies to boost market presence and increase sales. For example, Campine utilized advanced technology to expand its recycling efforts in January 2021. This development was undertaken to recycle chemicals from industrial and post-consumer metal trash. This strategy may boost its market reach, attract consumers, and enhance its market reach. Furthermore, companies adopt research and development, mergers, acquisitions, partnerships, and automated production techniques to recover costs and boost their market position.
- December 2021: NAFRA, alongside two universities, began a project to develop recycling and recovery for antimony and bromine from flame retardant plastics.
List of Key Players Profiled in the Antimony Market Report
- Campine NV (Antwerp, Belgium)
- Huachang Antimony Industry (Yiyang, China)
- United States Antimony Corp (Montana, U.S.)
- Korea Zinc Co. Ltd, (Seoul, South Korea)
- Lambert Metals International (Bushey, U.K.)
- Mandalay Resources Ltd (Toronto, Canada)
- NYACOL Nano Technologies (Massachusetts. U.S.)
- Suzuhiro Chemical & Materials (Ibaraki, Japan)
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